BitMine Immersion Climbs 40% as Firm Unveils $500M Ethereum Treasury

BitMine Immersion Soars 40% After Disclosing $500M Ether Holdings

Shares of BitMine Immersion Technologies (BMNR) skyrocketed more than 40% on Monday following the revelation that the company has amassed a $500 million ether (ETH) treasury. The surge comes as a sharp turnaround for the stock, which had plunged nearly 50% earlier this month after BitMine announced a $2 billion at-the-market share sale.

The Las Vegas-based firm confirmed it converted the full $250 million raised in a private placement on July 9 into ether, acquiring 163,142 ETH. The strategy mirrors the high-profile crypto treasury approach made famous by Strategy (MSTR), which has built a large bitcoin (BTC) position over several years.

Tom Lee, head of ether strategy at Fundstrat, drew parallels between BitMine’s move and Strategy’s bitcoin accumulation, noting that sovereign entities or large investors might now consider companies like BitMine as vehicles for gaining substantial ETH exposure. “If a nation wanted 5% of the bitcoin network, they’d approach Strategy. The same thinking applies to ether through firms like BitMine,” Lee said.

BitMine’s stock climbed to around $4.88 on Monday, still trailing its recent high of $6.25 hit on July 10.

Year-to-date, bitcoin has gained roughly 29%, while ether remains down about 9%.

In related news, bitcoin miner BTC Digital revealed it had invested $1 million of its cash reserves into ether over the weekend, calling ETH the new “digital gold.” Strategic ETH Reserve data shows that public ether treasuries held by DAOs and corporations now total about 1.5 million ETH.